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- Launches high-street best-buy Residential 90 per cent LTV 5-Year Fixed
- Rate reductions of up to 40 bps on core BTL range
- Large loan range pricing cut by up to 30 bps and reduced application fees
- Launches new large loan range for properties up to £10 million
Metro Bank, the revolution in British banking, has today announced a number of changes to both its Residential and Buy-To-Let (BTL) product ranges.
Charles Morley, Director Mortgage Distribution at Metro Bank said: “Today’s announcement demonstrates the breadth of our mortgage range.
“We’re here to support everyone, whether you’re a first-time buyer looking to get your foot onto the property ladder through our joint-borrower sole-proprietor mortgages; a landlord wishing to benefit from our use of top-slicing; or a customer needing a choice when it comes to obtaining a larger loan.
“Our wide range of products, alongside our case-by-case approach to underwriting, is proving a winning combination for customers and brokers across the UK.”
BTL mortgages
Rates for BTL mortgages under £2 million have been reduced by up to 40 bps, with new rates now available from:
| BTL | 65 per cent LTV | 75 per cent LTV |
| 2-Year Fixed | 2.59 per cent | 2.69 per cent |
| 3-Year Fixed | 2.69 per cent | 2.79 per cent |
| 5-Year Fixed | 2.79 per cent | 2.89 per cent |
| 2-Year Tracker | NA | 2.54 per cent* |
*Assumes Bank of England Base Rate at 0.25 per cent
For BTL loans between £2 million and £3 million, the new rates are:
| BTL | 70 per cent LTV |
| 2-Year Fixed | 2.79 per cent |
| 3-Year Fixed | 2.89 per cent |
| 5-Year Fixed | 2.99 per cent |
| 2-Year Tracker | 2.54 per cent* |
*Assumes Bank of England Base Rate at 0.25 per cent
The bank’s new range for BTL loans up to £5 million, are as follows:
| BTL | 60 per cent LTV |
| 2-Year Fixed | 2.89 per cent |
| 3-Year Fixed | 2.99 per cent |
| 5-Year Fixed | 3.09 per cent |
| 2-Year Tracker | 2.64 per cent* |
*Assumes Bank of England Base Rate at 0.25 per cent
Residential mortgages
For residential mortgages under £2 million, the bank has reduced its 5-Year Fixed up to 90 per cent LTV by 10 bps to 2.54 per cent.
Rates for Residential 2 and 3-Year Fixed have marginally increased and the Residential 5-Year Fixed at 65 per cent and 70 per cent LTV have been withdrawn, with rates now starting from 1.84 per cent at 75 per cent LTV.
| Residential | 80 per cent LTV | 85 per cent LTV |
| 2 and 3-Year Fixed | 1.94 per cent | 2.04 per cent |
The bank has also reduced rates across its large loan range by up to 30 bps, with application fees also cut from £4,999 to £1,999.
For residential properties between £2 million and £5 million, rates are now available from:
| Residential | 70 per cent LTV |
| 2-Year Fixed | 1.89 per cent |
| 3-Year Fixed | 1.89 per cent |
| 5-Year Fixed | 1.99 per cent |
| 2-Year Tracker | 1.84 per cent* |
| 5-Year Tracker | 1.84 per cent* |
*Assumes Bank of England Base Rate at 0.25 per cent
Metro Bank has also introduced a brand-new large loan range for loans up to £10 million, with residential rates now available from:
| Residential | 50 per cent LTV |
| 2-Year Fixed | 1.99 per cent |
| 3-Year Fixed | 1.99 per cent |
| 5-Year Fixed | 2.09 per cent |
| 2-Year Tracker | 1.94 per cent* |
| 5-Year Tracker | 1.94 per cent* |
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